A quiet ending week it seemed in choppy traders markets in FX and equities as the knob gobblers at the world's banks try and kick the [inevitable] Greek default down the road a few months.
- The newbie idiot that believes we have a shortage, even though persons-to-dwellings ratios make crashola California and Ireland (a list of real estate bubble crashes, to name but two) look supply tight. This idiot believes the shortage spruik from the paper, the paper that makes squillions in real estate advertising;
- The prudent (lucky?!) investor that bought many years ago (before 2000) when rental yields were 7%, capital growth was CPI (a sustainable 10% total return) and banks were prudent in not feeding bubbles and tethering consumers to debt peonage. When I mean prudent, I meant the (at the time) conservative pursuit of yield to pay off your loan over the long term and not the pursuit of quick capital gains (speculation) ;
- The idiot hanging in there for a bubble comeback as a credit dries in a credit fuelled bubble. Think, pissed as a tick on cheap punch, the girls have gone home, booze has gone and is waiting with three losers at 3AM for some booze and chicks to miraculously appear. This fool believes the shortage crap of Point 1, but believes the market will 'comeback' and the party will last forever. The mega loser that will eventually appear (post Ireland, Spain, California, Florida et al 40% crash) on Today Tonight and A Current Affair screaming for a bailout. These clowns can't fathom that a household that brings in $100,000 (very comfortable income situation) simply cannot repay a loan for $700,000 and have electrical power, a car, clothes and eat. The blood from stone analogy is lost on them.
87 Port Douglas Road (Sabbaya Resort)
38 Loridan Drive Brinsmead.
High $300,000s REDUCED by $100,000 (25%) on 15 Jun 2011
An Impressive Brinsmead Family Home
If you think I lie, check the addresses yourself: http://www.refindhouseprices.com/
Coming soon: Central Queensland, Fraser and Sunshine Coast.
Edit: I've amended point 2 above as Avid points out in the comments I'm probably giving them too much credit.